Insurance is a financial product that provides protection against financial loss or risk. It involves the transfer of risk from an individual or business to an insurance company in exchange for premium payments.

Financial services encompass a broad range of services provided by the finance industry, including banking, investment, insurance, and asset management, aimed at managing money and financial transactions.

Risk management is the process of identifying, assessing, and prioritizing risks followed by coordinated efforts to minimize, monitor, and control the probability or impact of unfortunate events.

Financial stability refers to a condition where the financial system operates effectively, with institutions able to manage risks and absorb shocks, ensuring the smooth functioning of the economy.